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Financial Results
CONFERENCE CALL
Cesena30th August 2012
2012 First Half Results
Ended 30th June 2012
1. TREVI Group
2. 1H 2012 Financial Results
3. Appendix
4. Q&A
2
Metro Line works in Palermo (ITALY)
• Onshore Drilling
• Long term contracts
• Latin America emerging
Player
• Hydraulic Rotary Rigs
• Cranes
• Jet Grouting
• Tunnel Consolidation
• Casing Oscillators
• Extractors
• Drilling Tools
• Other Equipment
• Automatic Rigs
(HH Series)
• Land rigs
• Derricks & Offshore
• Mobile Drilling Rigs
• Hydraulic Top Drives
• Triplex Mud Pumps
• Deep Foundations
• Geotechnical Works
• Marine Works
• Tunnel Consolidation
• Automated Car Parks
• Environment
SERVICESSector
MECHANICAL Sector
Projects for renewable energy
Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs
3
TREVI Group: Business Model
Venezuela
U.S.A.
Mozambique
Nigeria
U.A.E.
Germany Italy
Hong Kong
Argentina
Colombia
Canada
Qatar
New Zealand
Peru
Austria
Venezuela
Argentina
AlgeriaPhilippines
Panama
Angola
Colombia
Saudi Arabia
Libya
PETREVENDivision
TREVIDivision
Italy
34 Operating Companies in 25 Countries – 48 Business Units
Chile
4
TREVI Group: Services Sector Presence
Denmark
Kuwait
Turkey
Oman
Brazil
Thailand
SOILMECDivision
DRILLMECDivision
Japan
China
Singapore
Italy
U.S.A.
France
UK
India
Germany
U.S.A.
Australia
Italy
Brazil
18 Operating Companies in 13 Countries – 21 Business Units
Algeria
Russia
5
TREVI Group: Mechanical Sector Presence
Hong Kong
Colombia
Technological InnovationProcess Innovation
STRENGTHENING MARKET LEADERSHIP
MECHANICAL SECTORSERVICES SECTOR
6
TREVI Group: Competitive Advantage
GROUP SYNERGIES
CONSTANT INNOVATION
OUR COMPETITVE ADVANTAGE
� Strong revenue generationIncreased revenue generation from all business lines
� Taking full action for margin improvementDeveloping & executing key contracts for margin contribution
� Robust Backlog & Stabilizing outlook Hefty backlog guarantees a positive business outlook
� Improved Net Financial Position as plannedTotal indebtedness was considerably reduced with full cashed
payments from oil rigs delivery
7
TREVI Group: 1H 2012 Key Highlights
� 2Q12 NFP improved
� On track for delivery
Harvesting
All actions fully in place for delivery
Improved by 14%
Outlook 2012
8
2012
REVENUES
EBITDA
NFP
2013
REVENUES
EBITDA
NFP
� Increase in Revenues
� Cash generation in 2H12
� NFP to improve in second half
� Marginality improving with growth in 2013 (important negotiations on course)
On Track
*
* vs FY 2011 Results
Group’s Divisions OverlookS
PEC
IA
L F
OU
ND
ATIO
NS
SER
VIC
ES
•Strong order backlog
•Slightly more easing outlook in markets in which we operate
•Double digit growth in Revenues with stable Margins
•Key contracts to contribute by 2H2012
•Outlook on large infrastructure sector stable & construction sector still under pressure
OIL &
GA
S S
ER
VIC
ES
•Operations proceeding clearly and on track
•Organic & sound business growth
•All rigs are operating in key contracts & jurisdictions
OIL &
GA
S R
IG
S
•Big momentum with over double digit growth yoyrevenue increase
•Relevant contracts payments fully received
•Significant opportunities on hand for finalization
•Robust order pipeline
•Exploration and Production on track
•HH series on the right growth track
SP
EC
IA
L F
OU
ND
ATIO
NS
RIG
S
•Positive growth in the revenue generation
•Uncertainty in the market increases the purchase decision time from clients
•Mature markets are showing some signs of recovery
•To grasp opportunities in high growth markets
•Higher competition hindering pricing and marginality
•Lower visibility in order backlog
1H12 Sales +15.0% +2.2% +36.3% +12.2%
9
vs 1H11
1. TREVI Group
2. 1H 2012 Financial Results
3. Appendix
4. Q&A
10
Copenaghen (DENMARK) CITYRINGEN work site
11
1H 2012 Results
� Significant increase in consolidated revenues +23% Continued strong volume of sales
� Stable and robust Backlog Significant visibility on future revenues
� Net Financial Position improved vs 1Q12 by about €70mThe net indebtedness improved significantly with respect to the first quarter
� Revenues: €585m €474m vs 1H11
� EBITDA: €56m €65m vs 1H11
� EBIT: €29m €41m vs 1H11
� PBT: €22m €28m vs 1H11
� Backlog: €929m €940m vs 1H11
� NFP: €426m (1Q12 €495m) €334m vs 1H11
1H 2012 % 1H 2011 % ∆%
VALUE OF PRODUCTION 608,6 526,1 15,7%
REVENUES 584,7 100,0% 474,5 100,0% 23,2%
EBITDA 56,2 9,6% 64,8 13,7% C13,3%
EBIT 29,0 5,0% 41,3 8,7% C29,8%
FINANCIAL COSTS (9,7) G1,7% (8,5) G1,8% C14,4%
TAXES 10,1 1,7% 11,9 2,5% 15,8%
NET PROFIT 12,1 2,1% 15,3 3,2% C21,3%
1H 2012 1H 2011 ∆%
NET CAPITAL EMPLOYED 875,0 683,9 27,9%
EQUITY 448,8 350,0 28,2%
NET FINANCIAL POSITION 425,6 333,9 C27,5%
BACKLOG 929,3 940,2 C1,2%
1H 2012 1H 2011
NFP / EBITDA 3,79X 2,58X
NFP / EQUITY 0,95X 0,95X
1H 2012 1H 2011
EMPLOYEES 6.123 6.07412
Financial Highlights 1H12 yoy
Eur mln
Eur mln
13
Income Statement 1H12 vs 1H11
Eur 000 1H12 1H11 ∆% ∆% ∆% ∆%
TOTAL REVENUES 584.740 474.538 23,2%
Changes in inventories of finished and semiCfinished products 12.735 31.309
Increase in fixed assets for internal use 11.137 20.274
Other nonCordinary operating revenues 0 0
VALUE OF PRODUCTION 608.613 526.121 15,7%
Raw materials and external services 436.127 358.359
Other operating costs 6.997 7.818
VALUE ADDED 165.488 159.944 3,5%
Personnel expenses 109.310 95.143
EBITDA 56.179 64.801 G13,3%
% Total Revenues 9,6% 13,7%
Depreciation 23.076 22.763
Provisions and writeCdowns 4.108 730
EBIT 28.995 41.309 G29,8%
% Total Revenues 5,0% 8,7%
Financial revenues/(expenses) (9.702) (8.479)
Gains/(Losses) on exchange rates 2.801 (4.384)
Other Gains/(Losses) 2
EBT 22.094 28.448 G22,3%
Tax 10.062 11.948
Minorities (41) 1.165
GROUP NET PROFIT 12.073 15.335 G21,3%
Based on non Consolidated data14
Services
Sector
45,8%
Mechanical
Sector
54,2%
Drilling
Sector
41,3%
Core Business
58,7%
One Group: Two Points of view
To
tal R
even
ues 1
H1
2:
Eu
r5
84
.7 m
ln
15
Revenues Before and After Consolidation
Eur mln 1H12 1H11 ∆% ∆% ∆% ∆%
Special Foundation Services (TREVI) 229,9 199,8 15,0%
Drilling Services (PETREVEN) 45,0 44,0 2,2%
Interdivisional Adjustments and Eliminations (2,3) (3,5)
SubGTotal Foundations and Drilling Services Sector 272,5 240,3 13,4%
Machines for Special Foundations (SOILMEC) 122,2 108,9 12,2%
Drilling Rigs (DRILLMEC) 203,2 149,0 36,3%
Interdivisional Adjustments and Eliminations (1,3) (2,2)
SubGTotal Mechanical Sector 324,1 255,7 26,7%
Parent Company 6,9 6,1
Interdivisional Eliminations (18,8) (27,6)
TOTAL CONSOLIDATED REVENUES 584,7 474,5 23,2%
16
Breakdown per Geographical Area
314,2
378,7
492,6
571,5
452,7474,5
584,7
17
Backlog
Foundation Sector Drilling Sector
687,0
917,1973,4
716,4
940,2 929,3
GEOGRAPHICAL AREA (Eur mln) 1H12 %
Italy 159,0 17,1%
Europe (Italy excl.) 109,0 11,7%
U.S.A. and Canada 68,0 7,3%
Latin America 293,0 31,5%
Africa 102,0 11,0%
Middle East and Asia 164,0 17,6%
Far East 34,3 3,8%
TOTAL 929,3 100,0%
NFP 1H12NFP FY11 EBIT + D&A
FREE CASH FLOW
G7,5 mln Eur
Eur
mln
INVESTMENTS INTERESTS EXCHANGE DIFFERENCES
OTHERTAXES ∆ WORKING CAPITAL
18
Net Financial Position
1H 08 1H 09 1H 10 1H 11 1H 12
Eu
r m
ln
1H 07
EBITDA/Net Fin. Exp. 5,8x7,6x9,4x12,0x11,3x8,0x19
Financial Ratios
1H 06
8,8x
159,5
449,4
173,6
333,9
425,6
398,1
148,4
Eur mln
EQUITY NET FINANCIAL POSITION
Short Term Debt
Long Term Debt
20
Equity and Net Financial Position
144,6
279,0
179,5
350,0
425,6
368,6
448,8
108,1
21Based on non Consolidated Data
Foundations and Drilling Services Division
188,8
308,7
230,8246,9
240,3
272,5
Based on non Consolidated Data22
Mechanical Division
203,4
272,7283,0
212,7
255,7
324,1
149,8
174,3
1Q12 vs 2Q12
1. TREVI Group
2. 1H 2012 Financial Results
3. Appendix
4. Q&A
23
Drillmec HHC201
24
Income Statement 1H12 vs 1H11
Eur 000 1H12 1H11 ∆% ∆% ∆% ∆%
TOTAL REVENUES 584.740 474.538 23,2%
Changes in inventories of finished and semiCfinished products 12.735 31.309
Increase in fixed assets for internal use 11.137 20.274
Other nonCordinary operating revenues 0 0
VALUE OF PRODUCTION 608.613 526.121 15,7%
Raw materials and external services 436.127 358.359
Other operating costs 6.997 7.818
VALUE ADDED 165.488 159.944 3,5%
Personnel expenses 109.310 95.143
EBITDA 56.179 64.801 G13,3%
% Total Revenues 9,6% 13,7%
Depreciation 23.076 22.763
Provisions and writeCdowns 4.108 730
EBIT 28.995 41.309 G29,8%
% Total Revenues 5,0% 8,7%
Financial revenues/(expenses) (9.702) (8.479)
Gains/(Losses) on exchange rates 2.801 (4.384)
Other Gains/(Losses) 2
EBT 22.094 28.448 G22,3%
Tax 10.062 11.948
Minorities (41) 1.165
GROUP NET PROFIT 12.073 15.335 G21,3%
25
Statement of Financial Position 1H12 vs 1H11
Eur 000 1H12 1H11 ∆%∆%∆%∆%
Fixed assets
C Tangible fixed assets 346.833 321.097
C Intangible fixed assets 24.616 19.328
C Financial fixed assets 9.517 7.467
Net working capital
C Inventories 492.848 415.430
C Trade receivables 349.316 295.735
C Trade payables (C) (242.133) (262.290)
C PreCpayments (C) (68.851) (70.763)
C Other assets (liabilities) (17.522) (24.567)
Fixed assets plus net working capital 894.624 701.437 27,5%
PostGemployment benefits (G) (19.666) (17.554)
NET INVESTED CAPITAL 874.958 683.884 27,9%
Financed by:
Group net shareholders' funds 436.625 338.906
Minorities' share of net shareholders' funds 12.167 11.126
Net financial position 426.167 333.853
TOTAL SOURCES OF FINANCING 874.958 683.884 27,9%
1. TREVI Group
2. 1H 2012 Financial Results
3. Appendix
4. Q&A
26
Works on the Panama Canal – (PANAMA)
The Executive in charge of the preparation of accounting documents “Daniele Forti” declares,pursuant to paragraph 2 of article 154Cbis of the consolidated law on finance, that theaccounting information contained in this presentation corresponds to the document results,books and accounting records.
This presentation, prepared by TREVI – Finanziaria Industriale SpA, contains forward lookinginformation and statements about the group and in no case may it be interpreted as an offer oran invitation to sell or purchase any security issued by the company or its subsidiaries.
These statements include financial projections and estimates and their underlying assumptions,statements regarding plans, objectives and expectations to future operations, products andservices, and statements regarding future performance.
Forward looking statements involve inherent risks and uncertainties are current only at thedate they are made.
However, the management of TREVI – Finanziaria Industriale SpA believes that theexpectations are reasonable, but, at the same time, points out to holders and investors that allthe information and all the statements are subject to various risk and many of which are verydifficult to predict and to control.
TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forwardlooking statements to reflect any changes in own expectations with regard thereto or anychanges in events.
27
Disclaimer
